LRB-0424/P1
ARG:emw
2021 - 2022 LEGISLATURE
DOA:......Ziegler, BB0111 - Broker-Dealer and Financial Adviser Fees
For 2021-2023 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
Commerce and economic development
Commerce
Fees for licensed securities industry participants
This bill increases certain securities-related fees paid to DFI.
Current law generally requires a securities broker-dealer and a person who represents a broker-dealer or issuer in securities transactions (securities agent) to be licensed, and generally requires an investment adviser and an investment adviser representative to be licensed, before transacting business in this state. Broker-dealers and investment advisers must pay to DFI initial and renewal license fees of $200. Securities agents and investment adviser representatives must pay to DFI initial and renewal license fees of $80. Although an investment adviser registered with the federal Securities and Exchange Commission (federal covered adviser) is not required to be licensed by DFI, it must pay to DFI an initial and renewal notice filing fee of $200. In addition, broker-dealers and investment advisers, including federal covered advisers, that maintain a branch office in this state must pay a filing fee of $80 for each branch office.
The bill increases each of these fees, from $200 to $300 and from $80 to $100.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1. 551.614 (2) of the statutes is amended to read:
551.614 (2) Fees related to broker-dealers, agents, investment advisers, investment adviser representatives, and federal covered advisers. Every applicant for an initial or renewal license under s. 551.401, 551.402, 551.403, or 551.404 shall pay a filing fee of $200 $300 in the case of a broker-dealer or investment adviser and $80 $100 in the case of an agent representing a broker-dealer or issuer or an investment adviser representative, except that, in the case of an agent representing a broker-dealer or issuer or an investment adviser representative, no fee is required for an individual who is eligible for the veterans fee waiver program under s. 45.44. Every federal covered adviser in this state that is required to make a notice filing under s. 551.405 shall pay an initial or renewal notice filing fee of $200 $300. A broker-dealer, investment adviser, or federal covered adviser maintaining a branch office within this state shall pay an additional filing fee of $80 $100 for each branch office. When an application is denied, or an application or a notice filing is withdrawn, the filing fee shall be retained.
Section 9316.
Initial applicability; Financial Institutions.
(1)
Securities fees. The treatment of s. 551.614 (2) first applies to filings received by the division of securities on the effective date of this subsection.
Section 9416.
Effective dates; Financial Institutions.
(1) Securities fees. The treatment of s. 551.614 (2) and Section 9316 (1) of this act take effect on the first day of the 3rd month beginning after publication.
(End)
